Common use of Rejected P2P Transfers Clause in Contracts

Rejected P2P Transfers. When you send a P2P Transfer, neither the recipient nor the recipient’s financial institution is required to accept it. In the event a P2P Transfer is not accepted by the recipient or his/her financial intuition for any reason, the proposed Payment Amount will be refunded to your SoFi Bank Account or, if the transfer has not yet been initiated, any hold placed on your Account with respect to the proposed Payment Amount will be released. SoFi Bank cannot guarantee the prompt return of funds from third‐party financial institutions after rejection by a recipient or his/her financial institution. SoFi Bank is not liable for any damages you may sustain in the event a recipient or his/her financial institution rejects a proposed P2P Transfer.

Rejected P2P Transfers. When you send a P2P Transfer, neither the recipient nor the recipient’s financial institution is required to accept it. In the event a P2P Transfer is not accepted by the recipient or his/her financial intuition for any reason, the proposed Payment Amount will be refunded to your SoFi Bank Money Account or, if the transfer has not yet been initiated, any hold placed on your Account with respect to the proposed Payment Amount will be released. SoFi Bank Securities cannot guarantee the prompt return of funds from third‐party financial institutions after rejection by a recipient or his/her financial institution. SoFi Bank Securities is not liable for any damages you may sustain in the event a recipient or his/her financial institution rejects a proposed P2P Transfer.